PensionBee IPO values group at £346m

PensionBee has published the pricing details for its initial public offering (IPO), confirming that the price range for the offer has been set at 155 pence to 175 pence per share, implying an estimated market capitalisation at admission of between £346m and £384m.

As reported by our sister title, Pensions Age, the offer will be made up of 35,483,870 new shares, alongside 2,815,896 existing shares from certain existing small minority shareholders, although the group confirmed that none of the founders, directors or members of senior management would be selling their shares.

The company stated that it intends to raise gross proceeds of £55m to support future growth, by funding future investment in its advertising and marketing initiatives, its technology platform capabilities and for general corporate purposes.

The group initially announced plans to float on the London Stock Exchange in March, confirming that it would proceed with the IPO at the end of the month, having also published plans to offer customers IPO access prior to this.

Indeed, as previously confirmed, the offer will comprise of both an institutional offer and direct customer offer, with over 12,000 eligible customers so far having registered in order to be able to participate.

As part of the IPO, the company has also agreed to a 180-day lock-up, whilst the executive directors and founders have agreed a 720-day lock-up, and other directors, senior management, and other major existing shareholders have agreed to a phased lock-up over a period of 18 months.

Commenting on the update, PensionBee chief executive officer, Romi Savova, said: "An IPO has always been part of PensionBee's corporate trajectory, and we are extremely proud to be reaching this milestone.

“The flotation will further our vision to help millions of consumers look forward to a happy retirement through our technology platform and dedicated customer service offering that make pensions simple.

“We're delighted that so many of our customers wish to join us as shareholders and look forward to welcoming all of our new investors as important stakeholders in our business."

    Share Story:

Recent Stories

How the US’s robust securities law can benefit European investors
Over recent years several financial scandals have shocked investors, such as the Danske Bank money laundering case. When a scandal like this occurs, investor returns suffer, which is why many seek redress. Many European investors seek to recover assets lost as a result of securities fraud through U.S. courts, with their robust securities laws.

In this podcast, Jeremy Lieberman, Managing Partner at Pomerantz LLP, talks to European Pensions Editor, Natalie Tuck, about how European investors can use U.S. courts to recover assets lost to securities fraud and the challenges facing investors seeking compensation.

Podcast: Opportunities in Chinese equities
China was the first country to be impacted by the coronavirus outbreak, which lead to its economy plummeting. Since then, however, the country has managed to keep outbreaks of the virus under control, and is experiencing a V-shaped recovery with many areas returning to normal.

In this podcast, David Choa CFA, Head of Greater China Equities at BNP Paribas Asset Management talks to European Pensions Editor, Natalie Tuck, about China, its position within the global economy and the potential institutional investor opportunities within Chinese equities.
Mitigating risk
BNP Paribas Asset Management’s head of pension solutions, Julien Halfon, discusses equity hedging with Laura Blows

Europe’s pensions challenges
Francesca Fabrizi meets Matti Leppälä, Secretary General and CEO of PensionsEurope, to discuss the key aims and objectives of the association today.